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Equititrust Limited Latest Judgement – Litigation Funding – Creditors collect zero!

Pleash, in the matter of Equititrust Limited (in Liquidation) (Receiver Appointed) [2019] FCA 1063. 

https://www.judgments.fedcourt.gov.au/judgments/Judgments/fca/single/2019/2019fca1063

The judge’s decision relates to an application by Blair Pleash and Richard Albarran as liquidators of Equititrust Limited to enter into a confidential settlement with Equititrust’s auditor, KPMG after eight years of legal proceedings.

“The impression this leaves is inescapably unedifying. The entire benefit of the litigation will be subsumed into payments to the litigation funder and on account of legal costs.”

“This is the result of the operation of the litigation funding agreement approved by the Supreme Court of New South Wales at the outset of the litigation and without which the litigation would have been impossible.’

“Given the terms of the litigation funding agreement the assumption appears accurate’.

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